Millennials are those people born between the early 1980s and the early 2000s. They surpassed 75.3 million people as a group in 2015, according to the Pew Research Center. With the core group of Millennials now between 20 to 35 years old, they are now within age ranges where they are most likely to need a place to either lease or purchase.
Many Millennials are also beginning to buy their first homes and invest in real estate for the first time. According to the National Association of Realtors Generational Trends Report for 2017, Millennials are the largest and fastest growing segment of the market making up 66% of first time home buyers and 34% of home buyers overall. That's a huge generational shift in real estate. Here are some tips for selling real estate to Millennials:
Be Informed. Millennials are better informed about their options than probably any other generation before them. Millennials do hours of online research to buy just about anything, so they are naturally going to do even more research when it comes to buying a home. More than three-quarters of Millennial home buyers drove by a home because of photos and listings they found online, and over 60% did walkthroughs because of these listings. They will do their homework before you show them a single property. Make sure that you do your homework to prepare.
Ask them what research they have done and what they find most interesting or compelling in the properties that they like. Cater your property search to their needs and desires. Getting the information in front of them is key, and making sure you highlight relevant features is crucial.
Be Quick. Get to the point. Millennials are curious, but they are also quite busy and always shifting from one activity to another. Holding them longer than they want to will bore them and will render your sales pitch unimportant for them. Millennials are not necessarily attention-deficit. Truth is, this is the generation that will binge-watch multiple seasons of Grey’s Anatomy in a weekend, which means they’ll pay attention to what they want to and in the ways that they want to pay attention.
They’ll also fact-check what you’re offering them regardless of what you tell them, so it’s almost a wasted effort trying to explain everything rather than letting them have the natural curiosity to explore. Your goal is to convince them why they would like a particular property in the least amount of time it takes. Leave out the heavier, more detailed information so you don’t waste your time and theirs – unless and until they ask for the detailed information.
Be Authentic. Don’t try too hard to relate to them – they can figure it out. Millennials want real people who can truly connect with them and give them the truth. In short, they want authenticity to counteract their skepticism. Be consistent and transparent with whatever you tell them about you, your experience, the properties you show them and the closing process, and if their fact-checking reveals that you were right, they will be more eager to listen the next time.
Be Open Minded. The sad reality about millennials is that they’re always stereotyped. The common criticism is that they have short attention spans, are always glued to their phones, entitled, selfish and narcissistic. Removing any of your own preconceived notions of millennial traits may be the most effective way for you to connect with this market. Learn to understand why millennials seem the way they are, and these discoveries will help you through your marketing strategy.
Millennials are quickly changing the face of real estate. According to a recent survey by the National Association of Realtors, the average age of a real estate agent is 53 so there may need to be some work done to understand how to connect with the biggest segment of today's home buying market. At Joseph James Real Estate, we value our clients of all generations. We have invested in cutting-edge technology to help our agents achieve success. Are you looking for a chance to improve your sales to millennials? Contact Joseph James to find out more how you can become one of our top agents email@example.com
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